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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Oct. 01, 2022

Accounting Policies [Abstract]

Summary of Activity of Company's Allowance for Doubtful Accounts

The following is a summary of the activity of the Company’s allowance for credit losses for the nine months ended October 1, 2022 and October 2, 2021 (in thousands):

		Balance at Beginning of Period				Additions				Deductions				Balance at End of Period
Allowance for Credit Losses
October 1, 2022		$	13,228			$	4,980			$	(4,973	)		$	13,235
October 2, 2021		$	14,381			$	3,388			$	(4,107	)		$	13,662

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at October 1, 2022 (in thousands):

		Total at October 1, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Time deposits			876				—				876				—
Waters 401(k) Restoration Plan assets			24,099				24,099				—				—
Foreign currency exchange contracts			278				—				278				—
Interest rate cross-currency swap agreements			62,223				—				62,223				—
Total		$	87,476			$	24,099			$	63,377			$	—
Liabilities:
Contingent consideration		$	1,469			$	—			$	—			$	1,469
Foreign currency exchange contracts			63				—				63				—
Total		$	1,532			$	—			$	63			$	1,469

The following table represents the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 (in thousands):

		Total at December 31, 2021				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
U.S. Treasury securities		$	13,917			$	—			$	13,917			$	—
Corporate debt securities			39,121				—				39,121				—
Time deposits			19,030				—				19,030				—
Waters 401(k) Restoration Plan assets			38,729				38,729				—				—
Foreign currency exchange contracts			504				—				504				—
Total		$	111,301			$	38,729			$	72,572			$	—
Liabilities:
Contingent consideration		$	1,347			$	—			$	—			$	1,347
Foreign currency exchange contracts			195				—				195				—
Interest rate cross-currency swap agreements			5,363				—				5,363				—
Total		$	6,905			$	—			$	5,558			$	1,347

Summary of Foreign Currency Exchange Contracts and Interest Rate Cross-Currency Swap Agreements

The Company’s foreign currency exchange contracts and interest rate cross-currency swap agreements included in the consolidated balance sheets are classified as follows (in thousands):

		October 1, 2022								December 31, 2021
		Notional Value				Fair Value				Notional Value				Fair Value
Foreign currency exchange contracts:
Other current assets		$	42,690			$	278			$	55,309			$	504
Other current liabilities		$	17,000			$	63			$	9,000			$	195
Interest rate cross-currency swap agreements:
Other assets		$	585,000			$	62,223			$	—			$	—
Other liabilities			—				—				230,000				5,363
Accumulated other comprehensive income (loss)						$	57,869							$	(15,944	)

Gains (Losses) on Foreign Exchange Contracts

The following is a summary of the activity included in the consolidated statements of operations and statements of comprehensive income related to the foreign currency exchange contracts and interest rate cross-currency swap agreements (in thousands):

		Financial Statement Classification		Three Months Ended								Nine Months Ended
				October 1, 2022				October 2, 2021				October 1, 2022				October 2, 2021
Foreign currency exchange contracts:
Realized (losses) gains on closed contracts		Cost of sales		$	(3,811	)		$	(774	)		$	(6,603	)		$	681
Unrealized gains (losses) on open contracts		Cost of sales			461				(933	)			(93	)			(2,256	)
Cumulative net pre-tax losses		Cost of sales		$	(3,350	)		$	(1,707	)		$	(6,696	)		$	(1,575	)
Interest rate cross-currency swap agreements:
Interest earned		Interest income		$	2,362			$	2,305			$	6,214			$	9,505
Unrealized gains on open contracts		Other comprehensive income		$	31,108			$	7,762			$	73,812			$	24,777

Summary of Activity of Company's Accrued Warranty Liability

The following is a summary of the activity of the Company’s accrued warranty liability for the nine months ended October 1, 2022 and October 2, 2021 (in thousands):

		Balance at Beginning of Period				Accruals for Warranties				Settlements Made				Balance at End of Period
Accrued warranty liability:
October 1, 2022		$	10,718			$	6,606			$	(6,663	)		$	10,661
October 2, 2021		$	10,950			$	6,537			$	(6,991	)		$	10,496

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